With no drilling program. You would expect OBL to be trying to...

With no drilling program.

You would expect OBL to be trying to create shareholder value on farming out.

Gippsland sorted with ownership and royalty - farmout ready - Attractive gas assets
Cyrano sorted with ownership and royalty - farmout ready - Difficult with current oil prices
Backreef - Farmout ready and can drill 2015 - Easier to farmout as ready to go and rigs cheap with no

Derby block - ownership not sorted - Attractive oil and gas assets - Can not farmout until ownership sorted. However, ownership being sorted could be a transaction that could add a heap of value to OBL. Remember REY or whoever else can only come in if OBL let them under OBL terms. The grapevine says BRU is walking at 31/12 and that is why BOPL has tried a deal with REY. 100% Would be nice.

The deadlines are all put out for drilling, so OBL has very little obligation in 2015. I think OBL are now in a situation to create shareholder value very soon with farmouts. If they do not perform, I would expect OBL to cut company expenses as there will be no drilling programs for 2015.

As always we sit and wait. Merry xmas.